www.iva.co.uk

Hello,

I have posted on here previously about full and final settlements but have now finally come up with a figure which i'm hoping will be accepted but just wanted to run it past you wise people.

As i'd mentioned before, it looks like my job could be in jeopardy. I just want this IVA finished.

My original dividend was set out at 25p in the £ which started in June 2006. I currently pay £260 per month. The final settlement figure i am thinking of offering would be about 18p in the £ but they would get it now. I can't go any higher than this and if it's rejected it looks likely that the IVA won't run it's course as i wouldn't be able to keep the repayments going.

I have spoken to my IP and as ever, they can't really tell me yes or no as the decision lies with the creditors. Can you give me some reassurance that i could be ok?

Many thanks,

Rebecca, I'm not sure, but will bump this one back up so that a professional can see it and advise.

Thanks Jan, appreciate all the help i can get!

xx

No one apart from your creditors can tell you whether 18p compared to 25p is going to be acceptable, and the fact that your job may be at risk rather than lost could deter creditors from agreeing to accept such a reduction in return, but no harm in trying.

Thanks Melanie, i do understand what you're saying and i know they can always choose not to accept it. The problem i have is that i work in financial planning in a predominantly supportive role and it is a miracle i got this job based on the fact that my iva was in place. All financial companies do regular checks on their staff (fit and proper declarations) and rigorous ones when you join a firm. I shouldn't really have been given a position based on my financial circumstances but i had a very understandable boss!

However, the situation that has developed is due to the fact that they are cutting support roles (and i am one of those). My boss has asked me if i would be prepared to move into an advisory position but this means being registered with the FSA. I'm NEVER going to get registerd while i have this iva still in force. So, i'm in a rock and hard place. If i don't get rid of the iva and agree to progress my career it looks likely i'll be for the chop. If i do lose my job, i won't get into another financial planning firm (where i have spent the last 3 years studying for qualifications and is the only experience i have). That's why i'm offering the settlement. I suppose if times were different then it wouldn't be an issue but my firm are looking to make cut backs and it is a real possibility that my role could be cut.

Am i screwed!?

I think that if your IP made that position clear to creditors, they could well by sympathetic, but if you could get a little more money to be nearer the 25p it would see you well.

Thanks Melanie, i just can't raise anything more than that, i feel terrible asking my best friend to lend me the money and just can't get any more than that. I think i will put the offer forward and see what happens. Fingers crossed and thanks for your help. I will let you know the outcome.

Good luck Rebecca, I hope your offer is accepted x

You go for it - and make sure you let us know the outcome. The very best of luck!

Best of luck, i hope you have success xx

It is in the hands of your Supervisor (IP) and the way he puts it accross to your creditors. He/She should ensure that the proposition put is so compelling that creditors would be foolish not to accept. Your circumsatnces are such that to me it is worth a shot. So go for it. Good luck.

Good luck from me as well, hope it all goes through for you.

Hello everyone,

Well i'm just keeping you updated.
My review meeting has been set for 26th March! I ended up putting an offer forward of £2k instead of £4k after heavy discussions with my IP which i was surprised about. This would mean a dividend return of 15p in the £1 as opposed to 25p when the IVA was set up.

I'm so nervous about the outcome but will keep you posted on what happens.

Fingers crossed for me!

xxx

Fingers crossed Rebecca. I hope it's a positive outcome on the 26th. Not long to wait.

Hello everyone!

Just to let you know that my offer has been approved!! I'm so happy and so relieved, i feel like i can start my life again. The people at Bridgestones were fabulous and i'm so grateful to them and all of you for your help and support. Good luck to everyone, take care and lots of love

xxx